Retail Bitcoin investors seem to be making the most of the buying opportunity that the recent dip has brought, as the number of wallets holding a balance of 0.01 – 0.1 BTC has reached a new all-time high.
Bitcoin price registered its biggest correction this bull season with a price retraction of 50% from the top during last month’s market sell-off. The sell-off became a perfect opportunity for new entrants to foray into the crypto market and the growing number of addresses of retail investors suggest that retail investors are not selling their Bitcoin yet.
The top cryptocurrency more than tripled its 2017 high of near $20,000 over the past 6 months, rising from just above $12k towards the end of November and reached a new ATH of $64,686. Last month’s market correction wiped off more than $500 billion from the crypto market amid panic selling and over-leveraged trading.
Bitcoin whales are accumulating Bitcoin again
Bitcoin price is currently trading above $36K trying to get past the key resistance of $40K before its path to recovery and further move up. Bitcoin whales have started accumulating again indicating a bullish signal as whales often tend to influence the market with their large holdings. One particular whale caught the attention of many as it dumped a significant portion of its holdings at the near top.
Crypto analysts have suggested that the recent market sell-off wasn’t a price top and such large corrections are part of the bull run as the market can’t keep going up without pullbacks. The top price predictions for this bull market have ranged from $75,000 to $130,000 as the price rise was aided by widespread adoption from retail as well as institutions. Bitcoin is currently forming a triangle on the long-term chart and a move up from here could take it to $40k levels and a downtrend could push it to sub-$20k levels.